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Economics and Business Concepts

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Questions and Answers

What is the main objective of business?

To facilitate transportation

To generate profit (correct)

To satisfy complex needs of society

To produce goods and services

Which activity is considered as an example of agricultural production?

Cultivating food-grains on a piece of land (correct)

Manufacturing goods in a factory

Transporting goods from producer to consumer

Converting oil seeds into edible oil

What is included in the process of distribution in business?

Cultivating a piece of land

Warehousing and advertising (correct)

Growing food-grains

Manufacturing products

Which statement best describes the role of business in society?

Business satisfies multiple and complex needs of society Signup and view all the answers

What distinguishes manufacturing from agricultural production in business?

Usage of machines Signup and view all the answers

What is the main difference between economic and non-economic activities?

Economic activities involve money transactions, whereas non-economic activities do not involve money transactions. Signup and view all the answers

Why is stitching done by a mother considered a non-economic activity?

Because the mother does not receive any money for her stitching work. Signup and view all the answers

Which of the following is NOT an example of a non-economic activity?

Cooking at a restaurant Signup and view all the answers

What defines an economic activity according to the text?

Involves production of goods for monetary benefits Signup and view all the answers

Why is tailoring considered an economic activity?

Tailors provide services in exchange for money. Signup and view all the answers

How are economic activities essential for individuals according to the text?

To earn livelihood and satisfy needs Signup and view all the answers